Tax

Holiday Home And Short-Term Rental Taxes

Renting out your home, rental property or holiday home for a short-term period can be a great way to make some extra income when you’re not personally using those properties but don’t want to lock in long-term renters. Airbnb, Bookabach and other online accommodation companies make it extremely easy to list your property as they

2019-05-06T12:05:23+00:00May 6th, 2019|Property Accounting, Tax|

Taxing Matters: March 2019

A summary of the latest tax changes and news relating to individuals and businesses. On 1st April 2019 the minimum wage increases to $17.70 (up from $16.50) for adults and to $14.16 (up from $13.20) for starting out and training wages.   Changes will be made to IRD’s myIR Secure Online Services from 26th April

2019-03-21T09:23:47+00:00March 21st, 2019|Tax|

Paying Employees With Accommodation

It’s common practice in some industries to provide accommodation to employees in return for the work they do. Farmers, orchardists, restaurant owners, hoteliers and campground owners, to name just a few, may provide accommodation and/or meals to workers either instead of, or in addition to, payment for their work. If your employees are working for

2019-03-20T08:38:02+00:00March 20th, 2019|Tax|

TWG: Capital Gains Tax Proposal

The Tax Working Group has now released its final report where it makes key recommendations regarding Capital Gains Tax as well as other New Zealand taxes. The TWG proposes that CGT applies when an asset is sold or disposed of (or when there is a change of use). Here we summarise the main points regarding

2019-03-22T10:27:14+00:00March 19th, 2019|Tax|

Are You Running A Hobby Or Business?

Do you sell pot plants or homemade jam to friends or at your local weekend market? While this may be just a hobby to you, in the eyes of IRD it could be classed as a business and therefore is eligible to be taxed. Regular sales – however small they may be – can mean

2019-03-06T08:57:52+00:00March 6th, 2019|Tax|

Taxing Matters: February 2019

A summary of the latest tax changes and news relating to individuals and businesses. On 1st February 2019 the IRD introduced two changes to encourage tax payers to make their tax payments digitally. Firstly, the IRD is no longer accepting post-dated cheques - these will be presented to the bank for payment at the time

2019-02-14T09:45:07+00:00February 14th, 2019|Tax|

GST Applies To All Activities

In our previous article “GST Registration: Understanding The Basics”, we explained that if you are in business you may voluntarily register for GST, or if you meet certain criteria such as a minimum turnover threshold it becomes compulsory to register. If you have registered for GST then it is important to note that all of

2019-02-05T09:33:07+00:00February 5th, 2019|Tax|

Taxing Matters: December 2018

A summary of the latest tax changes and news relating to individuals and businesses. The ring-fencing of residential property losses is now a step closer. The Taxation (Annual Rates for 2019-20, GST Offshore Supplier Registration, and Remedial Matters) Bill was introduced to Parliament on 5th December 2018. This Bill introduces, among other things, the proposed

2018-12-10T09:00:21+00:00December 10th, 2018|Tax|

Taxing Matters October/November 2018

A summary of the latest tax changes and news relating to individuals and businesses. Proposed new rules for GST on low-value imported goods have been announced. The changes would require offshore suppliers to register for, collect and return New Zealand GST on goods valued at or less than $1,000 which are supplied to consumers in

2018-11-01T09:40:37+00:00November 1st, 2018|ACC and Kiwisaver, Tax|

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